In an effort to strengthen user protection, Bybit has introduced a thorough new listing and delisting system for cryptocurrencies.
The adjustments were revealed by the exchange, which is the second-largest in the world based on trading volume, in a press release dated August 13.
Bybit added that it has listed 151 new tokens in 2024 alone and currently holds more than 20% of the spot market share.
Bybit, founded in March 2018, stated that it feels a greater sense of duty to maintain openness and security in its operations, given its expanding footprint in the industry.
In order to protect consumers and uphold market integrity, the exchange has developed a new framework for listing and delisting digital assets that contain a number of features.
A pre-market process at the heart of the new initiative aims to prevent market manipulation by fostering a more orderly trading environment.
According to Bybit, the feature will make transferring newly listed tokens easier by bridging the gap between the primary and secondary markets.
Furthermore, Bybit’s new framework will prioritize continuous compliance monitoring, with the cryptocurrency exchange auditing listed projects regularly to ensure they continue to meet its requirements.
In addition, Bybit has promised to implement transparent delisting procedures in order to eliminate projects that could be doing better or complying with platform rules.
The exchange claims that to guarantee that only trustworthy and safe tokens are left available for trading, it will base its delisting procedures on performance indicators that it will explicitly establish, in addition to compliance checks.
After listing, many new cryptocurrencies frequently see a decline, particularly as the initial excitement fades. It showed that nearly every cryptocurrency token that Binance listed in 2024 was in the red, with some losing over 90% of their value in just a few years after listing.
Binance took similar actions to update its token listing mechanism in May. The global cryptocurrency exchange leader announced that it will promote more tiny and medium-sized projects through Launchpool and Megadrop.
